Crude Oil Stuck Between EMA Levels as Geopolitical Risk Lingers

The $70 level has held as support so far. Brent crude found itself near the $85 mark, a round psychological figure, also sandwiched between the 200-day and 50-day EMAs. Chris said that pattern could lead to a squeeze. The direction, he added, hinges on the next impulsive candlestick.

The market is waiting for the next headline out of the Middle East, Chris said. The US-Iran standoff appears to be stuck, keeping oil in a range-bound environment. Until a clear catalyst emerges, crude oil is likely to remain between the EMA boundaries, with $70 support and $85 resistance on Brent capping the moves. Chris added that this type of uncertainty is common in oil markets, and patience is required.